DavinCoin revolutionizes the way assets are protected by integrating a blockchain-based insurance process into its modular smart contract. Unlike traditional insurance models, DavinCoin ensures total transparency, automated risk assessments, and immediate payouts—all recorded on-chain. Whether you’re an insurance provider looking to set parameters or a policyholder seeking straightforward, reliable coverage, DavinCoin’s insurance modules deliver a new level of trust and efficiency.
DavinCoin’s insurance capabilities span multiple modules, each handling a specific aspect of the process. This modular setup ensures scalability and future-proofing—allowing DavinCoin to adapt to new types of assets and evolving market conditions. Here’s a brief look at the key components:
Core modules that define policy creation, manage fees, and track coverage details.
Mints unique NFTs to represent each insurance policy, storing key data (owner, coverage, timestamps) on-chain.
Lets insurance providers configure essential parameters like fee rates, minimum treasury balances, and policy durations.
aggregates all real-time data related to DavinCoin’s insurance operations. Users can view a consolidated snapshot of active policies, total coverage amounts, platform-level fee balances, and other key performance metrics.
Connects DavinCoin to trusted external data sources for real-time risk evaluations and accurate premium calculations.
Beyond powering insurance transactions, the DAVC token carries tangible value for participants.
An insurance provider first registers their address and domain in the DavinCoin system. Upon completing initial setup, a dedicated NFT is minted to document their registration details.
Next, the insurance provider defines fees, minimum treasury balances, policy durations, and other settings in the InsuranceSettingsModule. These details directly influence premium costs and payout structures.
A treasury is automatically created for each insurance provider. Providers must maintain a minimum balance (denominated in DAVC) to cover potential payouts. Fees collected from policies go into a separate fee balance, which can serve as a fallback if the treasury balance is temporarily insufficient.
Once active, the insurance provider can view and modify their data via a specialized dashboard. They can also pause new policy creation if the treasury dips below critical levels, ensuring all existing policyholders remain protected.
A policyholder uses their wallet to select coverage parameters (e.g., asset type, duration) based on what the insurance provider has configured. The smart contract calculates the premium in DAVC, factoring in risk via the OracleModule if applicable.
Once finalized, each policy is represented by an NFT (through the InsuranceNFT module). This NFT stores essential details—coverage amount, premium, start/end dates—on-chain for complete transparency.
In the event of a claim, the policyholder initiates a request through the DavinCoin dashboard. The system automatically checks coverage conditions and, if valid, triggers an on-chain payout to the policyholder’s wallet.
All policy interactions—creations, updates, payouts—are recorded permanently on the blockchain. Policyholders can view both current and historical data on their dashboard at any time.
DavinCoin employs a cutting-edge OracleModule to access real-time data for accurate risk assessments. This allows the system to:
Calculate Premiums: Higher-risk assets or market conditions may lead to higher premiums.
Ensure Sufficient Treasury: If the treasury balance of an insurance provider falls below a safe threshold, the contract automatically restricts new policy creation, protecting existing policyholders until the treasury is replenished.
Activate Fallback Fees: If the treasury alone cannot cover a payout, fees stored in the fee balance are used. Prolonged shortfalls lead to a temporary freeze of the provider’s account, ensuring policyholder funds are secure.
By seamlessly intertwining on-chain insurance modules, NFT-based policy tracking, and real-time risk data, DavinCoin offers an all-in-one solution for secure, flexible coverage across various asset classes. Whether you’re registering as an insurance provider or seeking protection as a policyholder, explore DavinCoin’s transparent and user-friendly insurance ecosystem today.
